[quote=joec]In the UT Business section today, they are saying 1st time buyers are coming back in large percentages from before due to easier lending terms from fha/fannie/freddie…
Also, as these mid to late 20 somethings hit 30s-40s, there is huge pressure to settle down, get married, have kids. From the article, these is also talk of worst neighbors, constantly raised rents, roommates, etc…
Bottom line I took and my own view is that for a married couple, family…renting an apartment generally sucks and as we get older, having to deal with renting just sucks (for me). I “get” the single guys here loving renting and all that and can defend it all day, but I feel for most families with or without kids, renting is just ghetto.
I’d known “Asian” people (again) who looks down on renters or feel it’s pathetic that you can get knocked up with a kid, but can’t even afford to buy a house…(it’s viewed shamefully).
Just how it is…[/quote]
I keep say that….Most of you financially responsible people need to stop thinking about the logical/responsible thing YOU would do. Instead, you need start thinking they way that 70-80% of the other people in this country actually thinks and would do….
“So long as someone is willing to loan me money with payment terms that I can make, I don’t care what the loan terms is and MSRP price is right now.”
People have gotten past the “housing is evil, I’m not going to buy, banks are evil because they forced me to get bad loans” mindset. People are now back to the “banks are evil, because they aren’t giving me the credit to buy the things I deserve” mindset. And banks will give what these consumers want again.
If in doubt, look at all the new cars we have on the road here in S.D. Bunch of new bimmers, mercedes, and audi’s, a few porsches. You have people readily signing the papers to lease/loan for a BMW 335 that MSRP’s for over $50k now. That’s a 3 series BMW for $50k and it’s not even an M3. And don’t tell me most people driving these have $50k in cash that they paid for these things.
Clearly the credit spigot is turned back on. And it’s just a matter of time before that same spigot is turned back on for housing. Buy now, borrow and pay later. Good times are back.
